Cyprus health sector worth EUR 0.6 bln

The Cyprus health sector was worth EUR 0.6 bln in 2008 according to the latest annual report entitled “Economic Statistics on health” for the year 2008.
The report provides data on the number of enterprises, employment, labour costs, gross output, value added and gross fixed capital formation.
During 2008 value added at current market prices for the health sector increased by 12.7%
to EUR 558.5 mln (EUR 0.6 bln) compared with EUR 495.4 mln in 2007.
Its contribution to gross value-added (GVA) was 3.7% in 2008 compared with 3.5% in 2007.
Gross output increased by 13.0% to EUR 846.9 mln from EUR 749.3 mln in 2007.
In the private and public health sectors the most important contribution to the total value added was generated through human health activities, at 84.7% and 87.9% respectively.
Employment in the health sector increased by 9.3% in 2008 compared with the previous year and reached 16,246 persons, accounting for 4.0% of the total economically active population (labour force) and 4.3% of the total gainfully employed population.
Gross fixed capital formation in 2008 increased by 13.3% to EUR 33.9 mln from EUR 25.4 mln in 2007.
Investment in new buildings accounted for EUR 18.7 mln, in machinery and equipment EUR 10.9 mln, in furniture and fixtures EUR 3.3 mln and in transport equipment EUR 1.0 mln.